GAUTENG. – Two luxury properties in Saxonwold, Johannesburg, linked to the Gupta brothers, are back on the property market after a previous sales transaction fell through. The houses are now being offered for R10 million and R12 million respectively. This is about 63% lower than their combined prior valuation of approximately R59 million. The new listings bring the properties, which are connected to South Africa's state capture scandal, back into the spotlight.
According to Moneyweb, which published Bloomberg's reporting, Kurt Knoop of Manci Knoop Financial Services, the business rescue practitioner for Confident Concept, said it is difficult to find buyers because of the stigma attached to the properties and their poor condition. The houses belong to Confident Concept, a company linked to the Gupta family and in business rescue since 2018. The proceeds from a sale will be used to help settle creditors' claims. An open day is planned for the coming weekend, and interested parties must produce identification and proof of funds before they can view the properties.
The two properties are part of the well-known Gupta complex in Saxonwold. One house has seven bedrooms, an indoor swimming pool and an outdoor entertainment area, while the adjoining property has 11 bedrooms, a beauty salon, a cinema room and a rooftop terrace. The complex drew attention during the Zondo Commission's investigation into state capture because of testimony regarding the Gupta brothers' political and business connections. The brothers have denied any wrongdoing.
Sources: BusinessTech, Moneyweb, Billionares.africa, Park Village Auctions
This article is an automatic English translation of a Nuusflits article originally published in Afrikaans. Read the Afrikaans original.
